Major weakness in Nifty with across the board selling.
Nifty today looked very weak as it was not able to sustain many important support levels. Relative strength index of Nifty is also looking that it might fall further. The candle looks like an Olympic diver which has jumped from the podium. You can never say never but shadow of the candle as of now looks very negative and dark red in colour.
Resistance for Nifty will be at 24914, 25076 and 25333. Support for Nifty seem to be at 24702, 24483 (Major Mother Line 50 days EMA support). If this support is broken Bears can have a field day or a field week with no stopping. In such a scenario they can drag Nifty further down to 24242, 24016 or even 23673. The worst case scenario as of now looks like 23174 and 22759. 22759 will be Father line support.
Nifty last took father line support only on 4th june 2024 when it looked as if NDA will not be able to form a Government and there were deep cuts. So it looks improbable that Nifty will fall till father line but you never say never as US and other global markets are in panic mode.
Long term investors can be / should be ready with some liquidity as they might get a good chance for bottom fishing. Long term and ultra long term outlook for Indian markets still looks very positive.
Resistance for Nifty will be at 24914, 25076 and 25333. Support for Nifty seem to be at 24702, 24483 (Major Mother Line 50 days EMA support). If this support is broken Bears can have a field day or a field week with no stopping. In such a scenario they can drag Nifty further down to 24242, 24016 or even 23673. The worst case scenario as of now looks like 23174 and 22759. 22759 will be Father line support.
Nifty last took father line support only on 4th june 2024 when it looked as if NDA will not be able to form a Government and there were deep cuts. So it looks improbable that Nifty will fall till father line but you never say never as US and other global markets are in panic mode.
Long term investors can be / should be ready with some liquidity as they might get a good chance for bottom fishing. Long term and ultra long term outlook for Indian markets still looks very positive.
Happy Candles Investment
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